Emirates Provident Fund and Mondial
Join Date: Jun 2012
Location: Dubai, UAE
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Dropp, resurrecting this a bit - who do you use to trade ETFs in DXB? I have this up back at home in Europe with various companies with nifty iPhone apps and the like, but would prefer to avoid transferring money back and forth and sticking to USD/AED. Any info appreciated even via PM.
Join Date: Mar 2003
Location: Dubai
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Saxo Bank have a branch at DIFC, which is where I opened an account
http://ae.saxobank.com/
http://ae.saxobank.com/
Join Date: May 2013
Location: Wild Blue Yonder
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Problem is time lag & liquidity
My experience says use the A & B funds, since you must be in them with your prov fund bucks. Also use the freebie meetings to hear another point of view.
However (comma) the C fund is just too cumbersome & slow in today's markets. You need to be nimble just to retain what you've got. The days of "buy & hold" are toast. If you limit yourself to the C fund, you are simply leaving your money on the table all night. Any poker player will tell you that's a disaster - just a matter of when you get tapped.
IMHO, take any bucks destined for the C fund, find a good broker (Interactive is OK) & park it there. Figure out how to invest it properly & do so. You are ultimately in charge of your own $.
However (comma) the C fund is just too cumbersome & slow in today's markets. You need to be nimble just to retain what you've got. The days of "buy & hold" are toast. If you limit yourself to the C fund, you are simply leaving your money on the table all night. Any poker player will tell you that's a disaster - just a matter of when you get tapped.
IMHO, take any bucks destined for the C fund, find a good broker (Interactive is OK) & park it there. Figure out how to invest it properly & do so. You are ultimately in charge of your own $.
Join Date: Jun 2001
Location: Formerly resident of Knoteatingham
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Tel No.
04 399 6601 Landline
04 399 6721 Fax
http://www.mondialdubai.com
[email protected]
I had a meeting at Mondial with Peter Shaw recently. I am probably about as anti IFA as you can get, having fired 3 of the self serving scumbags in the last 2 years but I have to say that Peter is a breath of fresh air. He gave good advice, didn't try to sell me anything, responded quickly to a few follow up emails and generally came across as genuine and trustworthy. It is early days in our working relationship but the signs are good so far. PM me if you want his mobile number.
04 399 6721 Fax
http://www.mondialdubai.com
[email protected]
I had a meeting at Mondial with Peter Shaw recently. I am probably about as anti IFA as you can get, having fired 3 of the self serving scumbags in the last 2 years but I have to say that Peter is a breath of fresh air. He gave good advice, didn't try to sell me anything, responded quickly to a few follow up emails and generally came across as genuine and trustworthy. It is early days in our working relationship but the signs are good so far. PM me if you want his mobile number.
Last edited by BANANASBANANAS; 31st May 2014 at 13:54.
Join Date: Feb 2004
Location: Hades.
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I see Peter Shaw, gives me his opinion which I have generally followed.
I use the C fund, was even advised by my non-EK advisor that it's not bad due to the reduced charges.
You can lead a horse to water etc etc!
I use the C fund, was even advised by my non-EK advisor that it's not bad due to the reduced charges.
You can lead a horse to water etc etc!
Join Date: Jun 2001
Location: Formerly resident of Knoteatingham
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I see Peter Shaw, gives me his opinion which I have generally followed.
I use the C fund, was even advised by my non-EK advisor that it's not bad due to the reduced charges.
You can lead a horse to water etc etc!
I use the C fund, was even advised by my non-EK advisor that it's not bad due to the reduced charges.
You can lead a horse to water etc etc!
Join Date: Feb 2006
Location: dubai
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C fund
Is there any way to avoid sending money to the C fund via EK? Can we remit directly to the provider? I do not trust EK with my money and paperwork- I have a decent sized sum held offshore I want to put into the C fund.
Join Date: Aug 1998
Location: the ridge where the west commences
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If you have a "decent-sized" amount the place for it is almost certainly NOT the C fund.
I am intrigued by people who are saying that the C is a good deal. Could they quantify that? Typically, funds like those on offer in the C have management fees of up to 2% which means that while your fund manager is deciding on what colour he would like for his Bentley (using your money), you actually have less money every year if you happen to be in bonds.
ANY money you have can be far better implemented with more freedom and better returns almost anywhere else.
I am intrigued by people who are saying that the C is a good deal. Could they quantify that? Typically, funds like those on offer in the C have management fees of up to 2% which means that while your fund manager is deciding on what colour he would like for his Bentley (using your money), you actually have less money every year if you happen to be in bonds.
ANY money you have can be far better implemented with more freedom and better returns almost anywhere else.
Last edited by Dropp the Pilot; 1st Jun 2014 at 04:45. Reason: grammar
Join Date: Jun 2001
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If you have a "decent-sized" amount the place for it is almost certainly NOT the C fund.
Join Date: Apr 2006
Location: In the seat
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As far as I'm concerned the C fund has done me well over the years by making use of the Russell Funds.
The issue is when one wants to leave, that's when the "financial services" vultures get you - they'll start selling you products that are good for them, not you - in the C Fund one still has the protection from the company.
To me, the way to go afterwards is QROPS or just invest the whole lot into property, that way if it all goes wrong it's my fault because an institution will lose your money for you over a period of time. I do not mind paying 2% fees on a return but it's against me to pay a fee/fees when they lose money!!
Any thoughts?
The issue is when one wants to leave, that's when the "financial services" vultures get you - they'll start selling you products that are good for them, not you - in the C Fund one still has the protection from the company.
To me, the way to go afterwards is QROPS or just invest the whole lot into property, that way if it all goes wrong it's my fault because an institution will lose your money for you over a period of time. I do not mind paying 2% fees on a return but it's against me to pay a fee/fees when they lose money!!
Any thoughts?
Join Date: Jun 2001
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At the risk of appearing to sit on both sides of the fence at the same time, I also agree that the funds Helen refers to are doing well - which pleases me as I am invested in most of them too. But if for eg, 10% of a 16% pa increase is made in the first 3 months of the year, and you then invest a lump sum, you not only make only 6% in that year, but probably see your investment dip into negative territory before bouncing back - given most funds propensity for volatility. Making regular contributions allows you to buy cheap when the fund is down whilst still providing very strong returns. From experience, I can testify it is a much less stressful way to invest and monitor your portfolio.
Kingpost. QROPS is a good product provided you set it up properly. Be particularly careful of the charging structure you sign up for. Royal Skandia (who provide my wrapper) have literally thousands of different charging structures and the first 8 years of charges are largely spent on paying back the commission that they paid to the IFA who set up my QROPS and 'sold' me the Skandia wrapper. The IFA commission is typically 7% of initial investment but your IFA will try very hard not to tell you this and there is therefore a lot of conflict of interest potential. It also helps if you know where you will be living in retirement. As a UK expat with my QROPS offshore and no plans to return to UK I will be spared UK taxation but subject to the tax laws of my resident country. Some countries will tax QROPS drawdown income whilst others will not. If you have any form of government pension (eg military) I strongly suggest you consider keeping it, even if it is subsequently taxed as it is yours for life and will only ever go up. A QROPS has a limited lifetime as it is a drawdown pension and when the pot is empty there is no more income from it so you really need another income stream to compliment the QROPS.
Kingpost. QROPS is a good product provided you set it up properly. Be particularly careful of the charging structure you sign up for. Royal Skandia (who provide my wrapper) have literally thousands of different charging structures and the first 8 years of charges are largely spent on paying back the commission that they paid to the IFA who set up my QROPS and 'sold' me the Skandia wrapper. The IFA commission is typically 7% of initial investment but your IFA will try very hard not to tell you this and there is therefore a lot of conflict of interest potential. It also helps if you know where you will be living in retirement. As a UK expat with my QROPS offshore and no plans to return to UK I will be spared UK taxation but subject to the tax laws of my resident country. Some countries will tax QROPS drawdown income whilst others will not. If you have any form of government pension (eg military) I strongly suggest you consider keeping it, even if it is subsequently taxed as it is yours for life and will only ever go up. A QROPS has a limited lifetime as it is a drawdown pension and when the pot is empty there is no more income from it so you really need another income stream to compliment the QROPS.
Last edited by BANANASBANANAS; 1st Jun 2014 at 08:30.
Join Date: Jun 2004
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Dropp
Jeeze, those financial scumbags must be doing really well off my back. Last year you told me it was a Range Rover, this year it's a Bentley. Best get into ETF's quick before they order the private jet!
Jeeze, those financial scumbags must be doing really well off my back. Last year you told me it was a Range Rover, this year it's a Bentley. Best get into ETF's quick before they order the private jet!
Last edited by BYMONEK; 1st Jun 2014 at 21:34.
Join Date: Feb 2006
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Thanks all for the input. I completely agree about monthly payments a better option than lump sums for ongoing investments- however I recently sold a small property in Rak and want to put that money in something with low moderate risk for 4 - 5 years until buying a house back home. I have limited knowledge of all the investment vehicles out there and little time to spend checking stock markets daily. As a result I, like many other pilots at Ek I am sure, look to the C fund as straightforward, with a set number of options with variable rates of relative risk categories. Unfortunately it sounds like I will lose a fair amount to the managers. I looked up ETF however after reading 3 different sites, I am still clueless as to what these are and how to buy them and if they are low,medium high risk etc. As well one site said there are still brokers fees involved so is the savings really there? What would you do with a lump sum you need to hold for a few years and need to be conservative with?
I have an appointment with Peter Shaw shortly- glad he comes recommended but obviously he is going to have bias .
I have an appointment with Peter Shaw shortly- glad he comes recommended but obviously he is going to have bias .
Join Date: Aug 1998
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A Bentley for Bymon
You're welcome. I recommend the burl wood champagne chiller.
How a 2% fee adds up to $350,000 over time: Mayers | Toronto Star
How a 2% fee adds up to $350,000 over time: Mayers | Toronto Star
Join Date: Sep 2000
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Worth it
Am not the best one to give advice - else I would have retired by now and not be in the Sandpit.
But...
If you've not done it, go and see Mondial.
Be prepared to answer
1. When do you want to retire?
2. What is your retirement currency?
3. What income do you need per month when you retire?
4. What will be your legacy to kids and spouse/partner?
I changed some funds and started saving more AVCs.
I found advisor MG was direct and personable.
Thank me at Warehouse.
But...
If you've not done it, go and see Mondial.
Be prepared to answer
1. When do you want to retire?
2. What is your retirement currency?
3. What income do you need per month when you retire?
4. What will be your legacy to kids and spouse/partner?
I changed some funds and started saving more AVCs.
I found advisor MG was direct and personable.
Thank me at Warehouse.